Creditors' committees in restructuring

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The early creation of a formal or informal/ad hoc creditors' committee (or steering committee) assists negotiations between the debtor company and its creditors (see Practice Notes: Informal creditors' committee in a restructuring and Formal creditors' committee in a restructuring).

The committee is usually formed of creditors within the same class, and there may be several ad hoc committees within each class.

Various types of committee include:

  1. •

    senior creditors' committee

  2. •

    bondholders' committee

  3. •

    unsecured creditors' committee

In practice, informal bondholder committees can be particularly litigious on questions of valuation and deal structure and in (i) formal Part 26A restructuring

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